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Marketo Revenue Cycle Model and Lead Lifecycle How To


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Join Marketo experts Josh Hill and Jeff Coveney to learn how to design and implement a Marketo Revenue Cycle Model and gain visibility into your sales funnel metrics.

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Marketo Revenue Cycle Model and Lead Lifecycle How To

  1. 1. Tale of Two Lifecycles Simplify Your Funnel Analysis April 15, 2015 Jeff Coveney President, RevEngine Marketing RevEngine Insider Blog @RevEngineMarket Josh Hill Sr. Manager, Marketing Operations Kaspersky Lab @jdavidhill
  2. 2. Page 2 Wayne and Garth Assembly Line Benefits • Predictability • Business insights • Repeatability It’s all about the process.
  3. 3. Page 3 Today’s Agenda – We All Have a Funnel • How to turn your lead lifecycle funnel into an assembly line? • Measurable • Repeatable
  4. 4. Page 4 The Tale of Two Lifecycle Approaches Two Blueprints • The “Meat-n-Potatoes” Model • Easy to get going in 30 days (or less) • Great insights without maximum effort • Some limitations • The RCA Model • Deeper analysis • More advanced • More time to setup
  5. 5. Page 5 Best Buds - Sales and Marketing Marketing Sales
  6. 6. Page 6 Marketing and Sales Aligned Checklist 1. Strong definitions of stages • What’s an MQL? • What’s an SQL? 2. Agreement on SLAs 3. A relationship with Sales NOT like
  7. 7. Page 7 The Meat-n-Potatoes Model Blueprint • Great structure in 30 days or less • 6-steps including several techniques • It’s a Girl • The Stamper • Reading Railroad • Play-Doh Meat-n-Potatoes Definition: Unpretentious, simple, down-to-earth
  8. 8. Page 8 Use Cases • Splash – Event platform for branded experiences • Dyn – Internet performance infrastructure • Common characteristics • Both have leveraged freemium but have a B2B focus • Inside sales development team • Sole purpose to qualify leads • Closed loop analysis is very important
  9. 9. Page 9 The Answer Before the Question • Everything discussed leads up to insight and analysis. • How do leads move through your funnel?
  10. 10. Page 10 Step 1 – Give this Stuff a Home • Utilize a Lifecycle Program • Sub campaigns manage the lifecycle
  11. 11. Page 11 Step 2 – It’s a Girl • Tag all new leads as Sales Generated or Marketing Generated leads • Why? Easily split your model into two for future analysis
  12. 12. Page 12 Step 3 – The Stamper
  13. 13. Page 13 Step 3 – The Stamper • Time Stamp Everything • Campaigns are mostly setting dates upon Status changes • Prereq: Create fields in SF on Lead and Contact level…and map • Only filled out once – don’t overwrite
  14. 14. Page 14 Step 4 – The Reading Railroad • What happens when a lead skips a stage?
  15. 15. Page 15 Step 4 – The Reading Railroad Technique • Required in every lifecycle campaign • The Concept: If a previous stage’s date is BLANK, stamp it in with today’s date
  16. 16. Page 16 Step 5 – The Play-Doh Technique • Play-Doh invented in 1930s as wallpaper cleaner • Makers struck it rich with a completely different use • Program Status developed to track program membership • Our Play-Doh method leverages that feature to ALSO measure Lifecycle Success
  17. 17. Page 17 Step 5 – Define Lifecycle Progressions 1. Add as many stages as you want to track • Suggest high level MQL, SQL, WON 2. Add listening campaigns to your programs • Are some caveats to this approach
  18. 18. Page 18 Step 6 – The Seat Counter How to track lifecycle inventory? • Count the full seats How? • Create Status Smartlists • Key: Value is not blank
  19. 19. Page 19 Congratulations - Great Reporting Flexibility • Now the good stuff
  20. 20. Page 20 Analyze the Funnel MetricsStandard Lead Reports (with Excel MQL-to-Won calculation) Smartlist Custom Columns Sample data
  21. 21. Page 21 Program Insights Program Specific Analysis Program Summary Program Funnel Analysis Standard Program Report (with custom excel column) Sample data
  22. 22. Page 22 Summary of the Meat-n-Potatoes Model • Powerful results WITHOUT a complicated model • A stepping stone to RCA in the future • Limitations/Notes • Acquisition model focused • No Success Path analyzer • Not a data warehouse - Lacks some in-depth analysis obtain via RCA • Backfilling historic data takes time (same with any model)
  23. 23. Achieving the vision Using RCM and RCA together
  24. 24. Page 24 Why use RCM? To get to RCA! • You do not need to use RCM to get data, but you do need RCM to make the most of Revenue Cycle Explorer’s Model Flow Analysis reports. This is what you bought Marketo to achieve, so let’s do it.
  25. 25. Page 25 Align with sales and leadership • Should be mapped out first • Fun to setup. • Hard part is doing the Standard Method because that’s what you really need to do to make this work well.
  26. 26. Page 26 Revenue Stage Triggers Only • You will rely on the Program campaign flows to manage Revenue stage and all the other data. You already did this if you followed Jeff’s Standard Method. • The RCM will listen for these transitions – Only Revenue Stage Changes. Do not ask RCM to do more. • RCM will pass this data to • Success Path Analyzer • Revenue Stage Report • RCE Reports • Model Performance Analysis • Program Revenue Stage Analysis • SFDC Reports
  27. 27. Page 27 Wait, why do I have to do both? You should do both methods because without RCM, the funnel stages are not tracked completely by Marketo. It cannot do this without using Revenue Stage.
  28. 28. Page 28 Leads by Revenue Stage • This is just a Lead Performance Report by Revenue Stage • Use any Group By field here. • Shows current stage – not history like the Success Path Analyzer or RCE. Will only show current inventory. MQLs and SQLs should be low – no one should be in this Stage very long.
  29. 29. Page 29 Success Path Analyzer • Visual time line of your funnel – this is the big chart people want. • Uses whole days only • Takes time to have usable data. • Does not show detours. • Remember to mark changes to programs on the chart
  30. 30. Page 30 The vision you bought • RCE will collect the data from RCM Revenue Stage and place it in the Model reports. • Other tools like Full Circle CRM, Tableaux, and SFDC can let you calculate similar data based on custom fields. MQL and SQL inventory should be steady – Leads should quickly go to Recycle or advance to next Stage. Increasing Opps without increase in Won is cause for concern Prospects and Nurtured Leads should increase over time, but if conversion to MQLs decline, audience quality may be declining.
  31. 31. Page 31 Revenue Cycle Explorer Lead Model Conversion report Your ultimate goal is to be able to report on the complete model. Here’s an example. **Only possible with RCM data.
  32. 32. Page 32 Another view – putting the data on the map 10000 3000 2800 200 100 400 50 30 120 774 30% 100% 6.67% 3.5% 30% 10% 40% 60% 90% Churn Rate
  33. 33. Page 33 Which decisions should you make based on Lifecycle Funnel Data? • Monitor your funnel monthly. • Mark days where you had changes to Scoring, Workflow, Thresholds, Lifecycle, and Programs. • Did a Program (or two) appear to have an impact? • Are MQLs down the past few weeks? • Is sales asking for more leads? • Is velocity increasing or decreasing? • What can you do to change one thing at a time?
  34. 34. Page 34 A completed system looks like RCM Stages “Standard” Lead Lifecycle Program Flows Funnel Reports Success Path Transition Flows
  35. 35. Page 35 The complete funnel setup checklist 1. Align with sales, management on definitions, report look. 2. Design the lead lifecycle on paper/whiteboard/whatever. 3. Design RCM Draft so you have a visual that matches your LLC 4. Setup Program and Campaigns along with the other points to collect data and move leads. 5. RCM Transitions are Triggered Revenue Stages 6. Turn on RCM 7. Push leads into Stages [required] 8. Turn on Program triggers 9. Monitor success path and lead performance 10. RCE reports
  36. 36. Page 36 Tips for managing your funnel 1. No lead left behind – all leads are in the model. 2. Keep a clean database – scrub, dedupe, append. 3. Keep aligned with sales – they should know the funnel stages too.
  37. 37. Page 37 Thank you – Questions? Simplify your sales funnel reporting Jeff Coveney President, RevEngine Marketing RevEngine Insider Blog @RevEngineMarket Josh Hill Sr. Manager, Global Marketing Operations Kaspersky Lab @jdavidhill Coming Soon Email Jeff to request copy or visit site
  38. 38. Thank You!